Too close for comfort: the pitfall of incumbents' knowledge search during industry evolution
Finn Jonas Tryggvason,
Ferran Giones
Abstract:Innovation shocks combine technology and market disruptions. They can lead to a complete overhaul of an industry. Building on prior work on firm‐level responses to technological uncertainty, we propose and explore a model to explain R&D behavior under uncertainty. We theorize that industry incumbents adjust their knowledge search as the innovation shock unfolds, reacting to the perceived sources of uncertainty. We use a unique combination of two decades (2000–2020) of patent data and archival news to (1) i… Show more
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